Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Fonterra Response To Westland Vote Outcome

16 January 2002

Fonterra Co-operative Group Ltd says it respects the decision by shareholders of Westland Milk Products not to accept Fonterra’s merger offer.

Fonterra’s Chief Financial Officer, Graham Stuart, who was Project Director for the merger process, said: “We believed strongly that we had an obligation on deregulation of the New Zealand Dairy Board to give all New Zealand dairy farmers the opportunity to participate in the new company and to remain part of an integrated industry. We have now fulfilled that obligation. Westland has today chosen to decline our offer and go it alone, and we respect that decision.”

Mr Stuart said Fonterra had also extended to Tatua Co-operative Dairy Company Ltd a merger offer in February 2001. This offer was also declined at that time.

“Tatua indicated to us early last year that they also wished to be independant. We acknowledged that this was their choice and made no further overtures to merge,” Mr Stuart said.


Released by Mediacom


17 January 2002


© Scoop Media

Business Headlines | Sci-Tech Headlines


DIY: Kiwi Ingenuity And Masking Tape Saves Chick

Kiwi ingenuity and masking tape has saved a Kiwi chick after its egg was badly damaged endangering the chick's life. The egg was delivered to Kiwi Encounter at Rainbow Springs in Rotorua 14 days ago by a DOC worker with a large hole in its shell and against all odds has just successfully hatched. More>>


Trade: Key To Lead Mission To India; ASEAN FTA Review Announced

Prime Minister John Key will lead a trade delegation to India next week, saying the pursuit of a free trade agreement with the protectionist giant is "the primary reason we're going" but playing down the likelihood of early progress. More>>



MYOB: Digital Signatures Go Live

From today, Inland Revenue will begin accepting “digital signatures”, saving businesses and their accountants a huge amount of administration time and further reducing the need for pen and paper in the workplace. More>>

Oil Searches: Norway's Statoil Quits Reinga Basin

Statoil, the Norwegian state-owned oil company, has given up oil and gas exploration in Northland's Reinga Basin, saying the probably of a find was 'too low'. More>>


Modern Living: Auckland Development Blowouts Reminiscent Of Run Up To GFC

The collapse of property developments in Auckland is "almost groundhog day" to the run-up of the global financial crisis in 2007/2008 as banks refuse to fund projects due to blowouts in construction and labour costs, says John Kensington, the author of KPMG's Financial Institutions Performance Survey. More>>


Health: New Zealand's First ‘No Sugary Drinks’ Logo Unveiled

New Zealand’s first “no sugary drinks logo” has been unveiled at an event in Wellington... It will empower communities around New Zealand to lift their health and wellbeing and send a clear message about the damage caused by too much sugar in our diets. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news